CALGARY, Feb. 17 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) announced today that it has made significant progress in the remediation program at the La Pinta 1X well on its Sierra Nevada License in the Lower Magdalena Basin, onshore Colombia.
The snubbing unit arrived on location from the United States in late January 2010 and we are now in the seventeenth day of operations. The program has resulted in the successful removal of the blockage in the tubing string in the wellbore and screens have been run to restrict the intrusion of sand during planned testing procedures. A wellhead and test lines are being made up and testing is anticipated to commence in the near term. Of consequence, costs to date are well below budget and if immediate testing of the Cienaga de Oro ("CDO") Formation proves successful, we anticipate a substantial savings relative to our original budget. We will report on results once we have definitive and reliable information.
We are also pleased to report that we spudded the Brillante SE 1X exploratory well, also on the Sierra Nevada License, at 11:00 hours on Tuesday, February 16, 2010. The projected total depth of the well is 9,500 feet and the well is considered prospective for natural gas and natural gas liquids.
Petrolifera owns a 100 percent interest in these projects.
The company also wishes to advise that Mr. Gary Wine, President and Chief Operating Officer and Mr. Kristen Bibby, Vice President Finance and Chief Financial Officer, will be participating in the RBC Capital Markets' "2010 South American Energy Symposium" to be held in Toronto, Ontario, Canada on Thursday, February 18, 2010. Subsequently, they have a series of meetings planned with various institutional investors in the U.S.A. In conjunction with participation in the Symposium and the scheduled meetings, the company has posted an amended Investor Presentation on its website at www.petrolifera.ca under the Investor Information tab.
Petrolifera Petroleum Limited is a Calgary-based crude oil, natural gas liquids and natural gas exploration, development and production company active in Argentina, Colombia and Peru in South America. Its shares and share purchase warrants are listed for trading on the Toronto Stock Exchange under the symbol PDP and PDP.WT, respectively.
Forward Looking Information
This press release contains forward looking information including, but not limited to, the company's remediation efforts and testing of the La Pinta 1X well in Colombia and the timing and costs associated therewith and the anticipated results from the Brillante SE 1X exploration well, also in Colombia. Forward looking information is not based on historical facts but rather on Management's expectations regarding the company's future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities and expectations with respect to general economic conditions. Such forward looking information reflects Management's current beliefs and assumptions and is based on information currently available to Management. Forward looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward looking information, including but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production, unavailability of or delays in receipt of required equipment, delays or changes to plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environment risks), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and third parties located in foreign jurisdictions and the risk associated with international activity. There can be no assurance that planned remediation efforts and subsequent testing of the La Pinta 1X well drilled on the Sierra Nevada I License will yield commercial results. Hydrocarbon shows and results of logs do not confirm the presence of commercial hydrocarbons. Additional risks and uncertainties associated with Petrolifera's future plans are described in Petrolifera's Annual Information Form for the year ended December 31, 2008. Although the forward looking information contained herein is based upon assumptions which Management believes to be reasonable, the company cannot assure investors that actual results will be consistent with this forward looking information. This forward looking information is made as of the date hereof and the company assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. Because of the risks, uncertainties and assumptions inherent in forward looking information, prospective investors in the company's securities should not place undue reliance on this forward looking information.
SOURCE PETROLIFERA PETROLEUM LIMITED
For further information: For further information: Petrolifera Petroleum Limited, R. A. Gusella, Executive Chairman, (403) 538-6201; Or Gary D. Wine, President and Chief Operating Officer, (403) 539-8450; Or Kristen J. Bibby, Vice President Finance and Chief Financial Officer, (403) 539-8450, Inquiries@petrolifera.ca, www.petrolifera.ca